Animal Drug Compounding Market to Cross US$ 1.7 Bn by 2030; Companies Offering Safe and Effective Medical Therapies to Meet Therapeutic Needs of Various Veterinary Species: TMR Study

ALBANY, N.Y., Oct. 21, 2021 /PRNewswire/ -- The animal drug compounding market is evolving on the back of continuous R&D in excipients to develop compounded therapies for all veterinary species and various indications. The growing availability of compounded formulations that are potentially safe and meet the needs of efficacy and bioavailability of drugs in specific patient populations continues to enrich the landscape. Regulations notably by the Food & Drug Administration (FDA) focus on boosting the availability of compounded preparations that have low toxicity profile to animal patients, thereby nudging veterinarians to recommend compounded medications.

Compounders and pharmacists are relentlessly working to develop clinical, dosing, and drug-administration needs, notably for companion animals and non-food producing animals. The popularity of patient-specific prescriptions for non-food producing animals has offered incremental opportunities for players in the animal drug compounding market. Over the years, suppliers of pharmaceutical ingredients, pharmacists, and the global veterinary community have leaned on meeting the therapeutic needs of exotic animals. This stridently will expand the market for customized compounded medications, finds a study by TMR.

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The global market is projected to cross US$ 1.7 Bn by 2030. Pain-management medications, including pain relievers for horses and drugs for veterinary-anesthesia are expected to be remarkably lucrative product categories. Oftentimes, manufacturers are exhorted to modify FDA approved drug formulations instead of starting from bulk chemical active ingredients.

Key Findings of Animal Drug Compounding Market Study

• Pharmacists and Equine Professionals Working Closely to Overcome Challenges in Compounding Custom Horse Medication: Effective medical therapies are an unmet need in horses, waiting to be explored by pharmacists in the animal drug compounding market. Challenges notably pertaining to the lack of education on optimal drug dosages, best routes of administration, and storage of products have come to the forefront. Moreover, adherence to stringent regulations set forth by equestrian sports authorities are attracting the attention of compounders aiming for custom formulations. All this require pharmacists and equine professionals to work concertedly in bridging the therapeutic needs of horses in various indications.
  
• Demand for Compounded Medical Therapies in Companion Animals Underpins Substantial Opportunities: The increasing focus of pet owners on adequate medical care of companion animals and non-food aquaculture animals have led veterinarians to look beyond the commercial availability of FDA-approved medications. The demand for high-quality compounded formulations for small-animal veterinarians is another key factor that has bolstered revenue generation for players in the market.

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Veterinarians and pharmacists are also keen on adhering to specific regulations and guidelines for compounding, thereby extending the canvas for players in the animal drug compounding market. Furthermore, this also calls for the agencies to improve compounding standards to address any potential adverse effects to animals and their owners.

Animal Drug Compounding Market: Drivers

• Strides in veterinary medical therapies for meeting the current and emerging needs of animal care for various veterinary species have shaped the evolution of the animal drug compounding market. In some cases, pet owners typically with no medical insurance policies seek economical options for medical care for the animals. The aspect has boosted the market scope of compounded medical therapies, finds the TMR study on the animal drug compounding market.
• Rapidly evolving regulatory oversight for compounded veterinary therapies underpins the constant need for innovations in the animal drug compounding market. For instance, compounders are intensively evaluating toxicological and anatomical differences while developing customized formulations for the prescribed species.

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Animal Drug Compounding Market: Regional Growth Dynamics

• North America held a major share of the global animal drug compounding market. A strong veterinary regulatory culture prevalent in the region, especially in the U.S., is a key driver for innovation in the regional market. Furthermore, constant R&D by pharmacists and growing number of collaborations with veterinarians to bridge the therapeutic needs of various veterinary species have cemented the revenue prospects of the regional market over the years.
• In the near future, Asia Pacific is expected to offer considerable revenue gains to players in the animal drug compounding market. Rise in acceptance of compounded veterinary preparations especially for companion animals and non-food-producing animals have fueled the growth of this regional market.

Animal Drug Compounding Market: Key Players

Some of the key players in the animal drug compounding market are Smith's Pharmacy, Millers Pharmacy, Wellness Pharmacy of Cary, Davis Islands Pharmacy & Compounding Lab, Triangle Compounding Pharmacy, Wedgewood Pharmacy, and Caringbah Compounding Pharmacy.

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Global Animal Drug Compounding Market: Segmentation

• Animal Drug Compounding Market, by Product
• Anti-infectives
• Anti-inflammatory
• CNS Agents
• GI drugs
• Others
• Animal Drug Compounding Market, by Animal Type
• Companion Animal
• Livestock
• Animal Drug Compounding Market, by Dosage Form
• Capsule
• Solutions
• Powders
• Suspension
• Others
• Animal Drug Compounding Market, by Route of Administration
• Oral
• Injectable
• Topical
• Rectal
• Ocular
• Animal Drug Compounding Market, by Region
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Rest of Latin America
• Middle East & Africa
• GCC Countries
• South Africa
• Rest of Middle East & Africa

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Homeopathic Veterinary Medicines Market: Companies in the homeopathic veterinary medicines market are taking cues from such findings to evaluate the potential of homeopathy and phytotherapy for the reduction of antibiotics usage in animals. Such trends have the potential to increase the number of organic farms throughout Europe.

Veterinary Therapeutics Market: Companies operating in the current veterinary therapeutics market are expected to increase their market share by relying on inorganic growth strategies such as mergers & acquisitions. While expanding the product portfolio will continue to be an integral part of growth strategies for participants operating in the current market landscape, commercialization and development of new veterinary therapeutics are expected to gain momentum.

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